Here's how it should work:
1) For example, some market at some point looks like this: Best Back 2.50 // Best Lay 2.6
2) I want to place a lay order at price 2.30 and $ 10 stake with "Tick Off" option. This means that the opposite order("Back" order in my case) should be placed ONLY when the initial order is matched(also there should be an option to choose full or partial matching).
3) I should be able to choose "off set" amount and there should be options to choose this amount in ticks or set specific amount. For example, I can choose "20 ticks" off set or just choose 2.70 price.
4) I should be able to choose the stake amount for the opposite order and there should be options to set the specific amount or "hedged" the initial order. For example, if I choose "hedge" and 20 ticks off set then opposite off sett order should be at price 2.70 and 11.74 stake.
5) Also, there should be an option to choose keep or not the order "in play" and it's very important.
In BFexplorer "Tick Off" option doesn't do any of that but this is a vital option for any trader so I suggest to improve it.
Also I don't find the "Stoploss" option at all but this option is also vital. "Trailing Stop Loss" option has the same issue as "Tick Off" options.
"Fill or Kill" option shouldn't be separate options and it shouldn't be build into "Stop Loss", "Tick Off" and "Trailing Stop Loss" options.
Comments ( 6 )
Mir.
Hi Ilya Nikol,
bots are more universal than you can see on the first look. Some combos of bot are very usefull for manual traders. Some for full automated betting or trading. For example Tick Offset bot vs. Place Bet and Close Positon.
For manual traders is the best feature run a bots directly on the Ladder.
Partial matching - my experience, more small bet are better than one big.
InPlay - there are AllowPlacingBetInPlay and AtInPlayKeepBet parameters
Offset - you can set by ticks Profit/Loss, see Close selection bots
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If you want set exactly open bets and close bets use 2 Place Bet bot in Chain Execution. It is easy:
Chain Execution (PlaceBet01 bot (Lay, Odds 2,30; Stake 10), PlaceBet02 bot (Back, Odds 2,70; Stake 11,74)
It is exactly by you want!
Ilya Nikol
Mir, I'm afraid I can't do it by "Chain Execution" bot as you described because in this case both orders are placed at the same time but I need to place the "Offset" order only AFTER the initial order is matched because the price of my initial order can be far away from the current market price.
Also, the initial order might be matches not in full and I also need to offset those partial fills.
Any though how to do that?
Ilya Nikol
"Tick Offset" bot is supposed to do that but the lack of these features makes him useless:
1) It isn't possible to choose the stake amount for the "Offset" order so it isn't possible to hedge the position and lock the profit. There should be an option to choose the specific stake amount of the "Offset" order or just "hedge".
2) There are no option to keep the orders "In Play" or not. Also there's no "Fill or Kill" option.
3) You can't set how to deal with partial fills. There should be an option to offset partial fill or wait until full match.
Mir.
There is concrete bot. Works fine.
https://cdn.pbrd.co/images/MGPHRKS.png
Download file and open in My Bots...
http://1drv.ms/1j03Bfk
Betfair Bot
Ilay, any bfexplorer bot implements some base functionality. Tick offset bot emulates base trading operation with NET stake any beginner trader does. No further parameters are needed as in such cases trader does not hedge his bet position but placing bets with the same stake amount.
This bot helps to automate placing NET stake offset bet immediately after any part of opening bet is matched.
As Miro suggested, if you want to place hedge bets then use Place bet and close selection bet position, or just Close selection bet position alternatives.
Even in the above mentioned bots you still have possibility to choose between hedging bet position or closing it by NET stake.
Ilya Nikol
Mir, thank a lot for your help! I've managed to make it works as I want.
Stefan, thank for your help and the great software! : - )